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Understanding Supplemental Security Income
What is a burial fund?
A burial fund is money set aside to pay for burial expenses. For example, this money can be in a bank account, other financial instrument, or a prepaid burial arrangement.
Some states allow an individual to pre–pay their burial by contracting with a funeral home and paying in advance for their funeral. You should discuss this with your local Social Security office.
Does a burial fund count as a resource for SSI?
Generally, you and your spouse can set aside up to $1,500 each to pay for burial expenses. In most cases, this money will not count as a resourceresource for SSI.
If you (and your spouse) own life insurance polices or have other burial arrangements in addition to your $1,500 burial funds, some of the money in the burial fund may count toward the resourceresource limit of $2,000 for an individual or $3,000 for a couple.
Does interest earned on your (and your spouse's) burial fund count as a resource or income for SSI?
How can you set up a burial fund?
Any account you set up must clearly show that the money is set aside to pay burial expenses. You can do this either by:
What happens when you spend money from a burial fund?
If you spend any money from a burial fund on items unrelated to burial expenses, there may be a penalty.
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THIS INFORMATION IS GENERAL.
FOR MORE INFORMATION, CALL 1–800–772–1213 (TTY 1–800–325–0778),
VISIT OUR WEBSITE (www.socialsecurity.govwww.socialsecurity.gov) ON THE INTERNET,
OR CONTACT YOUR LOCAL SOCIAL SECURITY OFFICE.